During the MSO Symposium in November, Vincent Romans, managing partner of The Romans Group, presented a macro-level view of the evolving U.S. collision repair industry.
Following the virtual show, Romans shared further insight from The Romans Group industry research with Autobody News contributor Stacey Phillips, following trends on consolidation, private equity (PE) and the auto physical damage landscape.
In the following article, Romans discusses the impact of COVID-19 on the collision repair industry and examines how PE continues to influence structural change with consolidation.
2020 will forever be seen and remembered as a generational foundation year of significant disruption and structural change for the world with far-reaching economic, social and political implications.
At the Romans Group, we have discussed and profiled the ongoing disruption taking place during the last five decades as part of our study of the longitudinal evolution within the collision repair industry, and its auto physical damage ecosystem’s multi-segment structural transformation.
We entered 2020 with one of the best business and economic environments ever by all comparative standards. We were then unexpectedly hit by a confluence of external events impacting near and longer term visibility overshadowed by continued uncertainty.
These include COVID 19’s uncertain impact; a slow, hobbling, uneven healing economy; social unrest in the U.S.; presidential election results; and tensions between the U.S., China and Russia.
The recent disruption caused by the pandemic will accelerate change in ways that make it difficult to predict...